Mexican Peso Rebounds as Ruling Party Win Eases Political Risk
- Currency touched 18.32, a level unseen since before November
- Investors are relieved that there is a clear margin of victory
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Mexico’s peso led gains among the world’s most traded currencies on Monday as President Enrique Pena Nieto’s party forged ahead in the election for governor of the country’s largest state.
The currency reversed losses as the closely fought vote tilted in favor of candidate Alfredo del Mazo, signaling the ruling PRI will keep a stronghold vital to winning the presidential election next year. It jumped 1.5 percent to 18.4097 per dollar as of 9:24 a.m. in New York. The currency briefly touched 18.3230, levels not seen since before the U.S. election last November.